eia-全球石油和天然气财务回顾：2018年第一季度（英文）-2018.7-25页

Financial Review of the Global Oil and Natural Gas Industry: First-quarter 2018

Core Content Overview

This report provides a detailed financial and operational analysis of the global oil and natural gas industry for the first quarter of 2018, highlighting key trends and performance metrics across various sectors and regions. The data is sourced from public financial statements and aggregated by Evaluate Energy, with comparisons to the U.S. manufacturing industry drawn from the U.S. Census Bureau.

Key Financial Trends

• Crude Oil Prices: Brent crude oil prices were 23% higher in Q1 2018 compared to Q1 2017, averaging over $60 per barrel for the second consecutive quarter. This contributed to improved cash flow for energy companies.
• Natural Gas Prices: Natural gas prices declined by 7% in Q1 2018 compared to the same period in 2017.
• Liquids and Natural Gas Production:
  • Liquids production increased by 1% year-over-year.
  • Natural gas production increased by 3% year-over-year.
  • Total production reached 35 million barrels per day for liquids and 21 million barrels of oil equivalent per day for natural gas.
• Cash Flow and Capital Expenditure:
  • Cash from operations in Q1 2018 was $95 billion, a 13% increase from Q1 2017.
  • Capital expenditure in Q1 2018 was $77 billion, 15% higher than in Q1 2017.
  • Free cash flow (cash from operations minus capital expenditure) was $95 billion for the four quarters ending March 31, 2018, the highest since 2013–18.
• Debt Reduction: Companies reduced debt for six consecutive quarters, leading to the lowest long-term debt-to-equity ratio since Q1 2015.
• Debt Repayment Ratio: The ratio of debt repayments to cash flow decreased due to higher cash flow.
• Return on Equity (ROE): ROE for energy companies increased to 7%, the highest since Q4 2014, but still lower than the average ROE for U.S. manufacturing companies.
• Market Capitalization: The combined market capitalization of energy companies increased by 7% from Q1 2017 to Q1 2018.

Operational Insights

• Upstream Capital Expenditure:
  • Average upstream capital expenditure per barrel of oil equivalent (boe) increased by $2.64 from Q1 2017 to Q1 2018.
  • Upstream capital expenditure as a percentage of Brent crude oil prices reached 20%, the lowest share in the 2013–18 period.
  • The $52 billion merger of Royal Dutch Shell with BG Group in Q1 2016 significantly impacted upstream capital expenditures, causing a spike in the ratio of upstream capital expenditure/boe to Brent prices.
• Free Cash Flow:
  • About one-third of companies had positive free cash flow.
  • 88% of companies reported positive upstream earnings in Q1 2018.

Comparative Analysis

• Debt-to-Equity Ratio: Both U.S. manufacturing and energy companies saw a decline in long-term debt-to-equity ratios in Q1 2018.
• ROE Comparison: Energy companies’ ROE was the highest since Q4 2014, but still below that of U.S. manufacturing companies.

Notes and Context

• The analysis covers 108 global oil and natural gas companies.
• Some companies merged, split, or de-listed before 2018, and their assets were retained in prior-year data for consistency.
• The data is sourced from the U.S. Securities and Exchange Commission (SEC) and Evaluate Energy, with some comparisons to the U.S. Census Bureau's data on manufacturing companies.

Summary of Key Metrics

Conclusion

The first quarter of 2018 marked a period of improved financial performance for the global oil and natural gas industry, driven by higher crude oil prices and increased production. Companies showed a strong trend of debt reduction and improved cash flow, which supported a higher return on equity. However, natural gas prices declined, and ROE for energy companies remained lower than that of the U.S. manufacturing sector. The merger activity, particularly the Royal Dutch Shell and BG Group merger, had a significant impact on capital expenditures and financial ratios.